Probate assets are those items of value that were owned solely by the decedent. These assets must not have a provision for automatic succession, other wise they will not be considered probate assets. For example, bank accounts, real estate (but not the homestead property), and a life insurance payable to the decedent’s estate are all probate assets, but trust funds, joint bank accounts, life insurance policies payable to an individual, or real estate owned jointly would not be.